# NLG Capital LLC

> NLG Capital LLC is an SEC-registered investment advisory firm in Montpelier, VT, registered since 2000, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 109396
- Filed as: NLG CAPITAL LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Montpelier, VT
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/109396
- AdvisorCensus page: https://advisorcensus.com/firm/nlg-capital-llc-montpelier-vt-109396

## Quick answers

**How is NLG Capital LLC compensated?**
On its Form ADV (Item 5.E, October 2026), NLG Capital LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is NLG Capital LLC located?**
NLG Capital LLC's principal office is in Montpelier, VT, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is NLG Capital LLC registered with the SEC or a state?**
NLG Capital LLC is an SEC-registered investment advisory firm, registered since 2000. Status as filed: Approved. CRD 109396.

**How much does NLG Capital LLC manage?**
NLG Capital LLC reports $46,546,821,614 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have NLG Capital LLC's assets and staff changed since 2021?**
In the Form ADV data for NLG Capital LLC: Regulatory assets under management: $33,921,037,118 in the October 2021 data and $46,546,821,614 in the October 2026 data, up 37%. Total employees: 36 in October 2021 and 54 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does NLG Capital LLC serve?**
By number of clients on Form ADV Item 5.D: insurance companies (6); corporations or other businesses not listed above (2); pension and profit sharing plans (but not the plan participants or government pension plans) (1).

**Which custodians does NLG Capital LLC use?**
NLG Capital LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JPMorgan Chase as a custodian holding 10% or more of its separately managed account assets.

**Does NLG Capital LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/109396

**What changed in NLG Capital LLC's recent Form ADV filings?**
In the April 2026 filing data: Changed its legal name from NLG Capital, LLC to NLG Capital LLC. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- JPMorgan Chase

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $46,546,821,614
- Discretionary: $46,546,821,614
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 1 | $319,106,340 |
| Charitable organizations | 1 | $23,800,399 |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 6 | $46,171,072,295 |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 2 | $32,842,580 |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2000 (26 years)
- Employees: 54 total, 48 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX, VT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Addison, TX
- New York City, NY

### Websites listed on Form ADV (Item 1.I)
- LinkedIn linkedin.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $33,921,037,118 | 36 | June 15, 2021 |
| October 2022 | $35,605,582,058 | 29 | April 25, 2022 |
| October 2023 | $31,402,833,278 | 50 | March 31, 2023 |
| October 2024 | $35,941,367,795 | 43 | March 27, 2024 |
| October 2025 | $39,101,160,857 | 44 | March 28, 2025 |
| October 2026 | $46,546,821,614 | 54 | March 30, 2026 |

Regulatory assets under management: $33,921,037,118 in the October 2021 data and $46,546,821,614 in the October 2026 data, up 37%.
Total employees: 36 in October 2021 and 54 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Changed its legal name from NLG Capital, LLC to NLG Capital LLC.
- Updated its list of owners and control persons (Schedule A).

### February 2026
- Reported a succession: took over the business of NLG Capital, Inc. (CRD 109396) on December 31, 2025.
- Changed its legal name from NLG Capital, Inc. to NLG Capital, LLC.
- Employees performing advisory functions went from 41 to 48.
- Regulatory assets under management went from $39,101,160,857 to $45,313,893,047 (+16%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. NLG Capital LLC (CRD 109396): Form ADV filing data as of October 2026.